Consolidation on a five (5) old shares for one (1) new share.
2000-05-17.
Toronto--Ontario.
TVX Gold Inc. ("TVX") announced today that it will be seeking a
special resolution from its shareholders approving a share
consolidation on a five (5) old shares for one (1) new share
basis at its Annual and Special Meeting of shareholders to be
held on June 27, 2000 in Toronto.
A recent listing requirement of the New York Stock Exchange
("NYSE"), on which TVX trades, requires that all listed companies
maintain a minimum trading price of US$1.00 per share. TVX's
common shares have been trading below this required minimum and,
as a result, the Company has been advised by the NYSE that its
share price must rise above the minimum trading price in order to
maintain its listing. In addition, under the Note Indenture,
dated March 24, 1997, which governs the Company's 5% Gold Linked
Convertible Notes (the "Notes"), the Corporation provided a
covenant in favour of the holders of the Notes to take all steps
necessary to maintain the listing and posting for trading of its
common shares on the NYSE. Accordingly, TVX is seeking
shareholder approval for the Company's issued and outstanding
share capital to be reduced by consolidating the Company's
outstanding common shares on a five (5) old for one (1) new
basis. This will allow TVX to maintain its listing on the NYSE
and remain in good standing under the Note Indenture.
Currently, TVX has 179,616,097 common shares issued and
outstanding. Upon the proposed consolidation of the Company's
common shares on a five (5) new for one (1) old basis, the total
amount of issued and outstanding common shares in the capital of
the Company will be reduced to approximately 35,923,219 common
shares.
Forward Looking Statements
Some statements in this press release contain forward looking
information. These statements address future events and
conditions and, as such, involve inherent risks and
uncertainties. Actual results could be significantly different
from those projected.
* * * * *
For Investor and Media Information, contact:
Carl Hansen Investor Relations
Manager, Investor Relations Toll Free (in North America):
Tel: (416) 941-0119 1 877 TVX GOLD (889-4653)
cbhansen@tvxgold.com info@tvxgold.com
Visit the TVX Gold Web Site at: tvxgold.com
All dollar amounts are expressed in US dollars, unless otherwise
stated.
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